This is how most crypto mining works. Because there is no central authority, miners act as auditors. I've linked to an article in the References section below where someone tried various ways to make mining on a Raspberry Pi profitable. But even after switching to a better paying currency Monero , they concluded it would take centuries to earn enough to even cover the transaction fees.
There is a lot of mining software out there that works with a GPU card, driving up demand. This has lead to expensive and short supplies. It has become such a problem that NVIDIA is actually putting in anti-mining flags to discourage miners from buying up all of their cards.
But on the otherhand, they've also created special mining hardware as an alternative. I've provided a link in the references section. I'm not encouraging you to buy it. I'm just providing a point of reference on how they are trying to handle the situation. There are special "mining rigs" that you can buy online. But just like anything else they use a lot of electricity, can be very noisy and in the long run may not be profitable either.
If you see a rig for sale online, ask yourself why if it's so profitable they want to get rid of it. If you are thinking of joining a mining pool, be aware that some pools charge for contracts. You have to pay to play with no guarantee you will even make back the price of the contract.
This is something I would recommend any novice to avoid. Another thing to consider: Investors and even countries with deep pockets have created large warehouses of mining rigs that just mine all day for cryptocurrency - that is your competition. If you understand that you could spend more than you make, most of the articles I've seen recommend trying to start by mining Monero.
I've linked to some of the articles in the references section below. Even though "staking" is an advanced topic beyond the scope of this article, I'll try to give a brief explaination. Think of staking as a more energy efficient way of getting rewards for contributing to the blockchain. The original way of mining for Bitcoin and Ethereum is called "Proof of Work" - which means your mining computer has to deliberately work hard, and burn electricity to be rewarded.
One of the alternatives being promoted as more energy efficient is called Proof of Stake. For that you need to contribute a large sum to participate, for which you will be rewarded sort of like earning interest - or getting a mining reward. Fortunately some services like CoinBase mentioned later offer you a way to be part of their process. They put up the large amount and you can "stake" a smaller amount through them and receive a fraction of the reward.
The one drawback is that sometimes this means you have to agree to lock in your funds for a long time. I can't advise you on what crypto to buy. But I can give you a few links and general advice. You should always perform due diligence yourself before signing up for any service.
Please note that I try to make clear when notes are referral links. Also note that some services don't tell you they don't support your country - until after you signup - which I found rather annoying cough crypto. Be sure to keep records for taxes and consult with a financial advisor. Ask your advisor about short-term versus long-term tax advantages. I cannot stress enough that cryptocurrency is extremely volatile. If you would like to get started I would highly recommend only spending coffee money and nothing more.
Don't get "crypto fever. The Internet and YouTube are filled with people screaming that something is about to explode in value as part of a "pump and dump" scam. Be a cautious investor, do your homework and don't overreact to hype. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Start collaborating and sharing organizational knowledge.
Create a free Team Why Teams? Learn more. What is the most profitable coin to mine on a Raspberry Pi? Asked 3 years, 8 months ago. Modified 3 years, 8 months ago. Viewed 2k times. Improve this question. Fipsi Fipsi 1 1 silver badge 9 9 bronze badges. Seamus: It's hashes per second. Add a comment.
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A much better option would be a dedicated ASIC miner like the AntMiner V9. It offers an introduction to mining but has a much greater potential to break even by mining enough coin to pay for its power usage. huge.crptocurrencyupdates.com › can-you-mine-cryptocurrency-raspberry-pib. No— Raspberry Pi computers are not powerful enough to mine Cryptocurrencies with; however, they are solid to use for Proof of Stake coins like Stratis or.